26th August 2015
The last few months have been a bit of a roller coaster for Chinese equities, both on the mainland and in Hong Kong. The sharp volatility in the indices has frightened investors away and put a damper on primary issuance. But the bubble finally bursting is symptomatic that further changes are badly needed. These also need to be more than just skin deep.
29th July 2015
China-based investment bank China International Capital Corporation (CICC) filed the application for its proposed IPO on the stock exchange of Hong Kong on 22 July. That should put it on track for a hearing by the Listing Committee around the last week of August. But while CICC is the country’s oldest investment bank and has an impeccable pedigree, it has fallen behind new players who have been quicker to adapt to a changing marketplace, and will likely be priced at a conservative valuation.
29th June 2015
At long last, the operator of Hong Kong’s stock exchange has published conclusions to its concept paper on weighted voting rights (WVRs). Almost as soon as it did, Hong Kong’s other regulator expressed its opposition to the idea. But WVRs were always a worrying development. More urgent reforms are needed for the exchange to compare favourably with New York or London.
3rd March 2015
There seems to be no end in sight for the Asian ECM bout of depression. Above all, it’s been a pretty miserable year so far for IPOs, in sharp contrast to new listings activity in other parts of the world.
10th December 2014
I was back in CNBC’s HK studio this morning to comment on the nuclear energy provider’s listing on HKEx.
9th December 2014
I was interviewed by Reuters TV anchor Pamela Ambler this morning, on the Chinese property developer’s proposed listing in the City, potentially the largest on HKEx this year after that of CGN Power, which starts trading tomorrow.